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Aspira Q2 Revenues More Than Double

NEW YORK – Aspira Women's Health reported after the close of the market on Thursday that its second quarter revenues were up more than twofold year over year.

For the quarter ended June 30, the company reported total revenues of $1.8 million, up from $746,000 a year ago and beating the consensus Wall Street estimate of $1.6 million.

Product revenues rose to $1.7 million from $726,000 in Q2 2020. Genetic testing revenues rose more than fourfold to $79,000 from $17,000 in Q2 2020. The company posted $2,000 in service revenue, down 33 percent from $3,000 in the year-ago quarter.

Aspira performed 4,553 OVA1plus tests in the quarter, up 85 percent from 2,458 OVA1 tests performed in Q2 2020. Revenue per test was $377 during the quarter compared to $295 per test in Q2 2020. The company said the increase was driven by a rise in payments by contracted payors and improved collections.

"We are pleased with the volume growth in our products as the economy has somewhat emerged from COVID-19 restriction," Aspira CEO Valerie Palmieri said in a statement accompanying the release of the financial results.

Palmieri added that the company planned to launch in Q4 its OVASight test, which is intended to identify women with likely benign masses who can be safely managed by monitoring, allowing them to avoid surgery.

Aspira's net loss for the quarter was $7.1 million, or $.06 per share, up from $3.8 million, or $.04 per share, in Q2 2020, and matching the average Wall Street estimate.

The company's R&D expenses for Q2 were $1.5 million, up roughly fourfold from $380,000 in Q2 2020. Its SG&A expenses doubled to $7.3 million from $3.6 million in the same period last year.

Aspira ended the quarter with $53.0 million in cash and cash equivalents.

In Friday morning trading on the Nasdaq, Aspira stock was down 2 percent to $3.93.